TORONTO (Bloomberg) - Canadian stocks rose the most in seven months as Research In Motion Ltd. gained after introducing a new phone and commodity shares advanced on speculation shares are cheap relative to earnings after this month's sell-off.

Research In Motion rebounded from a five-month low on a plan to market a flip-cover version of its BlackBerry Pearl that may help it dent Nokia Oyj's dominance of the market for e-mail phones. EnCana Corp. paced the biggest gain in six weeks by energy companies. Barrick Gold Corp. helped lift raw-materials stocks from an 18-month low.

The Standard & Poor's/TSX Composite Index rose 2.9 percent to 12,497.15 in Toronto, the most since January 22, and the best gain among global stock indexes yesterday. Canada's main stock benchmark ended a slump in which it fell 12 percent this month through today and lost $142.1 billion in value. The S&P/TSX traded at 15.3 times earnings yesterday compared with 17.5 at the end of August and an average of 18.2 times the past year.

"We're getting a bounce in resource stocks after a pretty ugly time," said Paul Hand, managing director of equity trading at RBC Capital Markets in Toronto. "People are going back to fundamentals and realising at some point they have to pick away at things."

Research In Motion rose six percent to C$1121.36, the most in a month, to end an eight-day slide. The new phone will be available later this year, co-CEO Jim Balsillie said yesterday. The announcement will be viewed as positive for the stock, Citigroup Inc. analyst Jim Suva wrote in a note yesterday.

Research In Motion's share of the US smartphone market rose to 53.6 percent during the second quarter from 44.5 percent in the first three months of the year, the Sydney Morning Herald reported on its Web site, citing technology research firm IDC.

EnCana, Canada's biggest energy company by market value, added 3.1 percent to C$69.18. Smaller rival Canadian Natural Resources Ltd. rose 5.9 percent to C$79.